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such an event in China, or she might find herself a holder of much-cheapened silver, a situation too disastrous to contemplate.
36. We recommend therefore that all available data should as soon as possible be placed before expert opinion with a view to the formulating and having in read- iness a feasible scheme worked out in detail whereby the transfer of the Colony's cur- rency from a silver to a gold basis may be effected as smoothly and with as little trouble and expense as possible, in case a sudden change-over be forced upon the Colony.
37. Although it is premature at the present stage to indicate what gold- currency unit should be adopted by Hong Kong, our close business relations with China require us to stress the advisability of this Colony adopting a monetary unit identical with that of our neighbours, following the example set in this respect by Canada with regard to the United States of America.
38. In conclusion we desire to add that, since our terms of reference confined our enquiry primarily to a consideration of the effects of the Colony's currency upon trade, we have refrained purposely from commenting on the hardships of residents and others financially interested in the Colony, who are losing heavily owing to the unprecedented fall in the price of silver, but we trust that the omission may not be construed as implying any lack of sympathy with these sufferers.
39. We desire to express our thanks to our Secretary, Mr. T. Megarry, of the Hong Kong Cadet Service, for the capable way in which he performed his many and arduous duties, and also to Miss V. R. Harrison, for her assistance in the secre- tarial work.
We have the honour to be,
Sir,
Your Excellency's most obedient servants,
C. McI. MESSER, Chairman.
M. J. BREEN.
C. CHAMPKIN.
CHAU YUE TENG.
A. H. FERGUSON.
V. M. GRAYBURN.
R. H. KOTEWALL.
LI TSE FONG.
C. G. S. MACKIE.
D. O. RUSSELL.
T. MEGARRY,
Secretary. 14th July, 1930.
H. E. Sir WILLIAM PEEL, K.B.E, C.M.G.,.
Governor, etc.
HONG KONG